According to a survey by Royal London, more than half of us have yet to write a Will. A Will is a means of providing for our beneficiaries or for the causes we wish to support. It also includes information on who should receive death benefits from a pension, if you have not already declared this with the Teachers’ Pension Scheme. Even if you have been clear in your wishes with the Teachers’ Pension Scheme, it is still important to write a Will explaining your wishes.
The survey by Royal London polled over 2000 people, 54% of whom have yet to organise a Will. Potentially more worryingly, of this number 59% have children. If you have children, it is crucial to explicitly lay out how you wish to provide for these dependents in the event of your death.
It is also essential to update your will, as we often go through life events that change our circumstances. Many of those who admitted to not having a Will but having children had merely failed to update their Will on the birth of a child.
It is always worth considering your Will at the point of any life-changing event. If you suffer the death of a relative, for instance, who may have been a beneficiary in your Will, as another example. Such life events can be dramatic and take us time to reconcile; however, it is important to turn our mind to our Will as soon as possible to ensure your finances are protected.
Peace of Mind
Updating your Will is about having peace of mind. You will know that your wishes will be carried out in the event of your death. However, it will also give peace of mind to your loved ones who are helped to settle your affairs quickly should the worst happen.
Writing a Will is often thought to be difficult. However, the same survey found that 85% found the Will writing process to be quick and 90% as easy. Instructing a solicitor is the most popular way of organising a Will, though there are other companies and services available. It is also possible to seek the services of a free Will service. Associations such as Cancer Research UK, The Children’s Hospital, Will Relief Scotland, and more, exist and can be found through a search engine, typing in ‘free professional Wills’
The content in this article was correct on 14th January 2018. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on Will writing and estate management. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.